Revenue from operations (excluding excise duty) rose 22.76% to Rs 204,740.20 crore in Q3 FY23 from Rs 166,784.61 crore recorded in the same period a year ago.
The company's profit before tax slumped 96.57% to Rs 256.65 crore in the quarter ended 31 December 2022.
Total expenses increased 20.18% year on year to Rs 229,626.75 crore in Q3 FY23. Cost of materials consumed jumped 40.22% to Rs 108,851.35 crore in Q3 FY23 as compared to Rs 77,629.79 crore in reported in Q3 FY22.
Domestic sales rose by 10.22% to 23.170 million metric tons (MMT) while export sales slipped 27.71% to 1.135 MMT in Q3 FY23 as against Q3 FY22.
The refineries throughput was 18.202 MMT (up 4.59% YoY) and the Pipelines Throughput (incl. Gas Pipelines) was 23.801 MMT (up 6.45% YoY) for the quarter ended on 31 December 2022.
During 9M FY23, the company reported a net loss of Rs 1,816.87 crore as against net profit of Rs 18,162.22 crore posted in the same period last year. Revenue from operations (excluding excise duty) jumped 51.23% to Rs 636,478.13 crore in 9M FY23 over 9M FY22.
The average gross refining margin (GRM) for the period April- December 2022 was $21.08 per bbl as compared to $8.52 per bbl registered in April- December 2021. The core GRM or the current price GRM for the period April -December 2022 after offsetting inventory loss/ gain comes to $20.55 per bbl. However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM, the company said.
Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2022, the Government of India held 51.50% stake in the company.
Shares of Indian Oil Corporation rose 0.12% to Rs 81.80 on the BSE.
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